Trade Alert
Consider this as a possible scenario. AUDUSD could continue retracing a bit further down, in order to give the bulls an opportunity to take advantage of the lower rate.
The pair could go down and test the 0.7210 area, marked by the low of the 6th of November. The area also coincides with the 50 EMA (red line), which also could provide additional support. If the AUDUSD struggles to break below that level, then we could see more bulls stepping and potentially driving the pair back up again.
Alternatively, if AUDUSD moves down and breaks the 0.7180 zone, it could easily continue its way lower towards the 0.7122 hurdle, marked by the high of the 30th of October.
Please review the chart for details.
Always have your SL in place.
Consider this as a possible scenario. AUDUSD could continue retracing a bit further down, in order to give the bulls an opportunity to take advantage of the lower rate.
The pair could go down and test the 0.7210 area, marked by the low of the 6th of November. The area also coincides with the 50 EMA (red line), which also could provide additional support. If the AUDUSD struggles to break below that level, then we could see more bulls stepping and potentially driving the pair back up again.
Alternatively, if AUDUSD moves down and breaks the 0.7180 zone, it could easily continue its way lower towards the 0.7122 hurdle, marked by the high of the 30th of October.
Please review the chart for details.
Always have your SL in place.